| EBF MORNING BRIEF Tuesday 16 February 2021 Good morning. Here are the top news stories and events in European banking, financial regulation and EU policy, brought to you by the European Banking Federation.
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FROM THE MEDIA
Reuters: Cryptocurrencies raise stakes for central bank digital cash
As cryptocurrencies increasingly go mainstream, the pressure is growing on the world’s biggest central banks to move forward with their plans to issue digital cash and fend off private-sector threats to traditional money, reports Reuters. Read more S&P Global: Commerzbank details new strategy Commerzbank AG's new plan to cut 10,000 jobs and close 340 branches by 2024 will lower its cost base but may not lead to sustainable profits if the bank cannot preserve revenues in the current challenging economic environment, S&P Global Ratings analysts said. Read more (FT) (€)
FT: Brussels to allow data to continue to flow to UK
The FT reports that it has seen a European Commission draft data adequacy decision that will this week give the green light to EU to UK data flows. The Commission is said to have decided that the UK has an adequate level of protection for personal information. Once confirmed, the decision would require scrutiny by the EDPB, and final sign off by Member States. It would be reviewed every 4 years by the Commission. The current interim decision is due to run out on 30 June. Read more (€) |
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MAIN EVENTS today -
Ecofin: Informal video conference of economic and finance ministers. Agenda -
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EBF Financial Education Project Group virtual meeting
For a full-year overview of key financial regulation events: click here |
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FROM THE EBF MEMBERS
Bankenverband: The case "Gamestop", speculate or invest Bankenverband' s (Association of German Banks) Robert Piwowarski and Fabian Schuster explain the "Gamestop" case: explosive price gains and dramatic price losses. Read more (DE)
Finance Denmark: Lower risk in Danish investment funds
Finance Denmark reports that, despite very turbulent market conditions, especially in March and April 2020, the risk in Danish investment funds is still lower than during the 2008 financial crisis. Read more (DK)
NVB: The six most important legislative files of 2021 2021 will be a peak year for European legislation. With an expected 42 new legislative proposals relevant to banks. The Dutch Banking Association (NVB) shares tips for the six most important legislative dossiers to keep an eye on this year. Read more (NL) |
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FROM THE INSTITUTIONS Video conference of the Eurogroup: Main results The Eurogroup exchanged views on macroeconomic developments and policy prospects in the euro area, based on the European Commission's Winter Forecast. World Health Organisation (WHO) experts briefed ministers on the latest health developments. The Eurogroup also discussed the international role of the euro and solvency in the corporate sector. Read more
Capital Markets Recovery Package: Council adopts first set of measures Following the European Parliament’s endorsement last week, the Council has adopted targeted amendments to the markets in financial instruments directive (MiFID) II and the prospectus regulation to facilitate the recapitalisation of EU companies on financial markets in the wake of the COVID-19 crisis. Read more European Parliament: Data Governance Act The European Parliament has published an initial appraisal of a European Commission impact assessment (IA) on the Data Governance Act. It states that the IA process appears to provide a reliable assessment underpinned by a mix of reliable qualitative and quantitative data and analysis. However, the appraisal also highlights that the proposal does not appear to be fully coherent with the preferred policy option with regard to the certification or labelling framework for data intermediaries or measures facilitating data altruism. Read more
BIS: Portuguese presidency - on the road to an EU recovery post-Covid
Looking ahead, in 2021, to pave the way for recovery, the measures must be adapted to the evolution of the crisis. In the same terms, we must recognize the individual limits of fiscal, monetary, and micro-and macro-prudential policies. Therefore, we must take advantage of all synergies of a harmonized action said Mário Centeno, Governor of the Bank of Portugal, in his remarks delivered at the CFA Institute & CFA Society Portugal virtual conference on the 26 January 2021. Read more |
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FROM THE EUROPEAN BANKING FEDERATION
Capital Market Union Action Plan: EBF High-Level Position The EBF welcomes the five-year Capital Market Union (CMU) action plan published by the European Commission (EC) in September 2020. The EBF agrees with the EC that the development of the European Union’s (EU) financial markets is key to finance the green recovery and the digital transformation of the EU. While the EBF has always been an active supporter of EU capital markets, the health crisis and the economic recovery make the CMU project even more necessary than before. With limited access to the UK since 1 January 2021, the EU needs to become autonomous and to offer competitive alternatives to corporates and investors. Read more Annex |
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ABOUT THE EUROPEAN BANKING FEDERATION
The European Banking Federation is the voice of the European banking sector, bringing together national banking associations from across Europe. The federation is committed to a thriving European economy that is underpinned by a stable, secure and inclusive financial ecosystem, and to a flourishing society where financing is available to fund the dreams of citizens, businesses and innovators everywhere. Website: www.ebf.eu |
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